Navigating the complexities of global jurisprudence.

D. L. & F. De Saram’s participation in the launch ceremony of the Legal Environmental Report on the Belt and Road countries held in Beijing on the 24th of June 2017, followed by the Signing of the memorandum for collaboration, organised by the All China Lawyers’ Association.

Corporate Income Tax rates （企业所得税税率） Sector （部门） Previous tax rate（以前税率） New tax rate（新税率） Agriculture （农业） Education （教育） 10% 14% SMEs（中小企业） Export of goods and services（商品出口和服务） 12% 14% Provision of information technology services （提供信息技术服务） 28% 14% Other sectors (including banking and finance, insurance, leasing, trade etc.) 其他部门（包括银行和金融，保险，租赁，贸易等 28% 28% Betting & gaming, liquor and tobacco 赌博和博彩，酒水和烟草 40% 40% Withholding taxes 预提税率   Previous 以前 New 新 Dividends 股息 1

The Sri Lankan Government is proposing to introduce draft legislation governing a special residency visa scheme for foreign nationals. The legislation is contained in the Special Deposit Account Bill. If the draft legislation is passed by Parliament, foreign nationals who invest a sum not less than US$500,000 in a Special Deposit Account (SDA) established with a commercial bank in Sri Lanka may obtain 10 year resident visas. The minimum deposit value can be made (in equivalent value) in British

1) 拟议名字的批准-公司拟议的名字必须填写名字搜索表格并经企业监管局（ROC）的批准 (Approval of the Proposed Name – The proposed name of the company must be approved by the Registrar of Companies (ROC) by filing a name search form.) 在法律的适用范围内，没有有关部长的批准，一些如“斯里兰卡”“州”“国家”“社会”“联营”“市政”“股份有限的”“总统”和“总统有关”的词汇不能用于公司的拟议名字 (In terms of the applicable law, the words “Sri Lanka”, “State”, “National”, “Society” “Co-operative”, “Municipal”, “Incorporated”, “President” and “Presidential” cannot be used in the proposed name without the approval of t

In terms of the recent, Revocation of Irrevocable Deeds of Gift on the Ground of Gross Ingratitude Act No. 5 of 2017, an irrevocable deed of gift may now be revoked on the ground on gross ingratitude by an order of a competent court. Legal action instituted for the revocation of an irrevocable deed of gift is required to be filed by the donor against the donee within 10 years from the date of execution of the deed of gift and within 2 years from the date on which the cause of action arose. The

(Court Decision in MV Thermopylae Sierra Case) The Admiralty High Court of Sri Lanka, delivered a landmark order in the MV Thermopylae Sierra Case. This order sheds clarity on the scope of the in rem jurisdiction under Admiralty Law in Sri Lanka. The Plaintiff in this case, Scarlet Shipping Company Limited, filed action seeking an arrest of cargo on board the MV Thermopylae Sierra on the basis that the cargo owners failed to provide security for their general average contribution, in accordanc

Published on Thomson Reuters PRACTICAL LAW A Q&A guide to doing business in Sri Lanka. This Q&A gives an overview of key recent developments affecting doing business in Sri Lanka as well as an introduction to the legal system; foreign investment, including restrictions, currency regulations and incentives; and business vehicles and their relevant restrictions and liabilities. The article also summarises the laws regulating employment relationships, including redundancies and mass layoffs, and

Labour Law in Sri Lanka – Sinhala Working Hours & Overtime Termination Workmen’s Compensation Labour Law in Sri Lanka – Tamil Holidays & Leave Privileges Minimum Wages Employees who are occupied in an office or shop will be administered by the Shop and Office Employees (Regulation of Employment and Remuneration) Act No. 19 of 1954 (“SOEA”). WORKING HOURS AND OVERTIME Working Hours As per the SOEA regulation, the common time period of employment (exclusive of rest and meal breaks) w

ESTABLISHMENT OF AN ENTITY IN SRI LANKA Sri Lanka is ranked highly among the South Asian countries that offer ease in terms of establishing an entity. The country has a well documented and established procedure of setting up a business. Foreign ownership restrictions * Limited Liability Company As far as foreign ownership constraints are concerned, there are restrictions sector wise. For example, in shipping and freight forwarding, the foreign ownership was limited to 40 pe

The Companies Act of April 2007 introduced the concept of a “Solvency Test” that should be satisfied by a company before and after a number of transactions including but not limited to distributions, purchase of its own shares and capital reductions. The solvency test imposes an obligation on the directors of a company to ensure that the company is solvent and healthy. The Solvency Test is deemed to be satisfied by a company if it is able to pay its debts as they become due in the normal course